What happened Monday
Here are the key things you need to know before you leave work today (or if you already work from home, before you shutdown your laptop).
MORTGAGE/LOAN RATE CHANGES ASB trimmed two fixed rates today. More here.
CREDIT CARD WATCH Media reports in Australia have identified a number of main banks cutting the 55 interest-free period on a number for some credit card plans. Premium reward cards are getting that trimmed to 44 days. CBA, ASB's parent, has just made the change matching NAB and Westpac. ANZ-Australia is still at 55 days for those premium cards. But in New Zealand ANZ has always had 44 days for premium cards, like Westpac. But neither ASB and BNZ are still at 55 days here. Kiwibank's premium cards are at the shorter 44 days, unchanged. We are monitoring for changes here and will report them if they happen. Standard bank credit cards don't seem to be affected, almost all at 55 days.
TERM DEPOSIT/SAVINGS RATE CHANGES China Construction Bank has raised most of its short term deposit rates, with its highest now 6.00% for 1 year. It trimmed its 3 and 4 year offers.
FARM SALES SLIDE Farm sales on a slippery downward slope in March with caution seen across the country.
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EXPLOITED A Southland dairy business and its owner, an Invercargill Imam, have been ordered to pay $215,000 in penalties by the Employment Relations Authority after having been found to have exploited three Indonesian migrant workers. Of this amount, Rural Practice Ltd was ordered to pay $145,000, and business owner Reza Abdul-Jabbar must pay $70,000. Two of the three workers will each receive $10,000 of the penalties amount.
SUPPLIER PRICE PRESSUE ON SUPERMARKETS EASES The annual increase in the average cost of goods that suppliers charge supermarkets has slowed further, with the Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index showing an average +3.2% increase in what suppliers charged Foodstuffs supermarkets for goods in March compared to a year ago. In February it rose +3.7% on the same basis. In March 2023 the rise was +10.3%.
to read the full article, click here: https://www.interest.co.nz/economy/127179/review-things-you-need-know-you-sign-monday-some-retail-rate-changes-few-farms